Bitcoin data coming to Bloomberg terminals

While highlighting the range of opinions on bitcoin, Bloomberg announced on Wednesday that it will include information about the cryptocurrency on its terminals.

The New York-based financial data and media company cited three reasons for the addition: transparency, client demand, and innovation. All markets, including digital ones, benefit from transparency, according to Bloomberg.

“Clients are increasingly interested in bitcoin and other digital currencies and are looking for tools to better monitor developments in these markets,” Bloomberg wrote.

To view bitcoin information, Bloomberg Professional service users should type VCCY<GO>, according to the statement. Bloomberg will monitor and chart data from bitcoin exchanges Coinbase and Kraken, along with virtual currency news and social media posts from more than 100,000 sources.

Bloomberg noted that government reaction toward the cryptocurrency has been mixed, and that their usage remains a fraction of fiat currency usage. “It’s worth noting that we are not endorsing or guaranteeing bitcoin, and investors cannot trade bitcoin or other digital currencies on Bloomberg,” Bloomberg wrote in the statement.

The Internal Revenue Service in March announced that it will treat bitcoin and other virtual currencies as property, the same way it treats stocks. That means that anyone who uses bitcoin to make a purchase could face a taxable gain or loss on every transaction.